New data to July 2018 shows that the Australian rental market has remained stable in all capital cities, with a couple of notable exceptions. In particular, according to the rent.com.au monthly market review, median house rental prices in Adelaide were up by 7.1 per cent, and in Hobart, they were up by 12.5 per cent.
However, the report found no change in median rentals in July for three out of five of Australia’s biggest states — Melbourne, Brisbane and Perth — in either apartments or houses.
It also found that six of eight capitals are now seeing median rents above $400 a week for houses, with only Perth and Adelaide maintaining cheaper prices.
Unsurprisingly, Sydney rents are still high, although apartment median rents for Sydney metro came down by 1.8 per cent in July to $540 a week. House prices remained unchanged in the famous city for the seventh consecutive month.
Rent.com.au CEO Greg Bader said that this was having the effect of creating both a buyer’s and a renter’s market.
“The pace is changing for New South Wales,” the CEO said.
“The cooling sales market in Sydney is putting pressure on landlords to consider stabilising or even reducing their rent.”
Price trends show a generally flat report card to July 2018, with only Canberra recording decreases. It had a 5.6 per cent fall in apartment prices to $420 a week, and a 5.7 per cent fall to $500 a week for houses.
Property manager with LJ Hooker in Woden Leah Bates said that July has shown that the market for re-letting has slowed dramatically, indicating more tenants are wanting to secure their current rental for a further fixed term.
“Out of nine properties leased this month at LJ Hooker Woden, eight have been new business properties and only one has been a re-let,” the PM said.
“We’re still experiencing a high volume of applicants; it has become a very competitive market.
Property manager with Cornerstone NewActon Tori Russell added that there has been a rise in the price of one-bedroom apartments within the city. She said that this was especially so in the NewActon area where they averaged $450 a week.
“Though our apartment prices have risen, we’ve seen a growing demand in the area for renters, with apartment listings being rented within the first week,” the PM said.
Mr Bader said that renters looking to score a good deal on an apartment would have found their best options in Darwin in July.
“Just $155 a week for a room, against $115 a week in Perth for a room in a house.”
Nationally, Perth was the shared accommodation bargain at just $123 a week for all property types, closely followed by Adelaide at $133 a week and Darwin at $156 a week.
“The metric also showed that Sydney once again outranked all other state/territory capitals at $270 a week for a single room,” Mr Bader said.
The report also provided a year-on-year territory breakdown, comparing July 2017 to July 2018.
Sydney’s rental market remained stable in July.
Median weekly house rents were consistent month-on-month at $600 a week. However, the NSW capital saw a 1.8 per cent decrease in apartment prices year-on-year, which are now at $540 a week.
Melbourne’s median apartment price rose by 2.5 per cent between July 2017 and 2018, and is now at $410 a week.
Melbourne house prices are also on the rise, up by 2.4 per cent to $420 a week. Apartments in the metro area moved faster year on-year, recording a 5 per cent improvement to 20 days on average to lease.
Brisbane’s median house price jumped by 2.4 per cent year-on year to reach $420 a week in July 2018.
Median apartment prices are stable at $400 a week for the second July running.
Perth’s apartment and house growth jumped annually with a 3.2 per cent increase for apartments to $320 a week and a 1.4 per cent jump for houses, which are now at $360 a week.
The WA capital remains the most affordable city for sharehousers, with prices falling nationally to $123 a week.
Median weekly house rents picked up by 7.1 per cent year-on-year in July to $375 a week.
Similarly, apartment median rents jumped annually by 7.1 per cent to $300 a week. Adelaide apartments and houses recorded the lowest regional median rent year-on-year of all states and territories.
Median house rents were up by 12.5 per cent to $450 a week, while houses picked up by 6.2 per cent to $340 a week.
Darwin houses moved 22 per cent faster than in July last year, taking 35 days to shift on average.
The NT capital saw a 3 per cent decrease in house prices year-on-year, now $480 a week. Apartment prices jumped by 4.1 per cent to $380 in July 2018.
Median house rents were up by 2 per cent to $500 a week year-on-year, while houses remained stable at $420 a week.
Nationally, Canberra recorded a “sizeable jump” in its price per room for apartments, up by 13.3 per cent to $340 a week.